Toronto Home Sales Market Falling at a Quicker Pace
Well, the expected slowdown in the GTA Toronto real estate market has started, but how will this pan out this spring? Toronto Housing Reports from TREB and CREA show a drop of 5% in home sales in January, yet prices haven’t really dropped. That’s because there’s so little housing stock on the market. Why won’t people sell their homes when it’s pretty certain that prices are about to drop? They don’t believe the market is about to fall.
TREB’s mid month report shows a good increase in new listings so it looks like the flood may be started. Ontario has had a very warm winter which has enabled more people to go house hunting and to think about the coming spring season.
Regardless of whether prices tumble or not, Toronto real estate agents are going to sell homes this spring. The spring could bring an avalanche of new listings, in which case those agents with strong visibility on Google are going to find themselves with plenty of new clients. Prices will fall and there will be a rush to get houses and condos sold before prices fall too much. A lot of experts have forecast house price drops up to 25% but even a 15% drop should get a lot of people wanting to sell this spring.
I was just watching a video featuring former Canadian federal politician Garth Turner. It was from 2 years ago where he discussed a complete collapse of the housing market, but after 2 years, it still hasn’t happened. Turner says it will take 10 to 15 years to recover from this looming collapse. 2 years ago, the US economy was not doing well, but it is growing steadily and that should mitigate severe trouble in Ontario and BC. The Vancouver market is a little nervous at this point too.
However, with Ontario’s economy cooling and the government preparing to cut back on its expenditures, the Toronto market may be a falling point. Some pundits feel the market is about to collapse. The glut of new Toronto condos may become a factor during 2012 as well.
Regardless of price losses for homeowners, this spring brings it with it great opportunity for agents and brokers like yourself. There’s no time to lose. Get yourself well positioned for online visibility.
Canadian agents and home sellers should read up on realtor.ca and download the realtor.ca mobile app. US home searchers, download the realtor.com mobile app. Find out more about why you need to be the dominant agent website and leverage the Seattle MLS, San Diego MLS, Los Angeles MLS, Houston MLS, Vancouver MLS, Edmonton MLS, and San Jose MLS listings.